Business and law tests
Students venturing into the worlds of business and law must both have sound foundations of knowledge and adequate practices for demonstrating that knowledge in tests. This is something of an underappreciated point, as many students, in their eagerness to conquer the materials for the various areas of study, neglect their study plans. They may neglect developing solid note-taking methods in class, for instance, resulting in gaps in their notes that later hinder their study sessions for the exams. They may also not build practice materials for themselves as they review their notes, and they might not review practice materials designed by others either.
Given the time and money individual students devote to their studies, learning these disciplines is not something that should be taken lightly. To this end, Practice Tests to Pass Business Law and Business Law Practice Tests are valuable resources. It is a simple fact of the human mind that it is better at retaining information it has interacted with than information it has not . In other words, consuming passive materials like lecture notes and textbooks on business and law is certainly important, but it needs a layer of interaction to help make the knowledge stick. Enter practice tests, both those prepared by instructors to be distributed at the end of a unit or semester and those prepared by students to be used as study materials.
It is a mistake to simply assume that one has learned enough from passive study, and to that end, professors issue review materials for students to work through to identify what they do and do not know. These are universally valuable, but they can only do so much. For instance, questions offered on tests will always be limited in scope to whatever the professor or test issuer wanted to cover, meaning that if a student has a gap in his or her study materials for the exam, it may not be possible to fill that gap with the practice test materials. Students must defeat the practice exam and be able to move on to other areas of study or topics within a unit, so these materials are restricted in their scope.
Business and law practice test components
Practice tests for business law and other subjects of the CPA exam may contain sections covering contract law, business ethics, and corporate governance. A contract law section may range from simple formatting to basic terminology, venue jurisdiction and other rules surrounding the legal process. Common questions will cover the differences between criminal and civil law, financing, financial regulation and federal securities law. General language relating to IP (intellectual property), labor laws, and employer-employee relationships are also typical of business and law study sections, though specific questions will vary by test. Business ethics segments involve areas of operations like anti-money laundering, anti-bribery and corruption, and code of conduct, employee-related matters. Corporate governance practice tests, on the other hand, will require a basic understanding of how a company like a corporation or partnership is headed up through an adherence to rules, practices, and processes. Particular attention is placed on the management and shareholders of companies.
How to use practice tests effectively
Mastering business and law means mastering a huge number of subjects, which can feel overwhelming as the exam approaches. And while you might not use practice tests and simulated exams for every subject, the idea behind them is still a good one: time your answer writing so you know how you are likely to go on exam day, and grade yourself to improve your self-assessment skills.
Practice tests come in a variety of forms, including: Not knowing where law and business ended and your own thoughts began could lead to a lower score. Practice tests and mock exams should be timed with the same conditions imposed during the actual exam. If notes are allowed, then practice notes. If word limits apply, write to those limits. Do your best to mimic the exam so that you can accurately assess your performance afterwards. The contents of the practice test or mock exam does not have to mirror what could be asked, but practicing a broad range of subjects will ensure that you are well prepared should any of them reappear. Once you’ve completed a test, you should look closely at each answer. Where you lost points, note why that happened. Was it simply because you ran out of time, or was it because you misread a question or didn’t have a good enough grasp of the theory? How would you, or indeed could you, have answered it more effectively? In cases where you struggled, take the time to correct your answer and learn from your mistakes. Look back at the textbook, exam syllabus, or other outlines to understand where you went wrong. If it turns out that you just need a refresher, consider doing another practice test a few days later, or aim to brush up on that topic across all subjects. Finally, re-do some tests regularly. So long as you are fully aware of the marks you received, you should be able to get a good idea of whether or not your performance is improving over time. You might then be able to spot some patterns in where your answer-writing could be better, and so work to fix them. Even if you are studying law and business subjects simultaneously, make sure you vary your practice tests between the two. If you do law-themed tests for weeks on end, and then switch, it will be very difficult to motivate yourself to revise.
Best resources for practice tests
There are several popular resources and platforms available for students to take some quality practice tests for business and law. Some of the most notable resources and tips can be found in these places:
Magoosh: This test prep company has sections and a dedicated area within its study resources for getting as much practice as you need. The company offers tutorials and practice test questions, which can be a valuable service when preparing for the real test. Check out the blog for study tips and suggestions, too.
Kaplan: Like Magoosh, Kaplan is a household name for test preparation . The group has prepared students for a wide range of tests, so they have the experience and knowledge to help you get ready for business and law. You may be familiar with Kaplan Test Prep, but it also has an entire business and law school review center, which includes practice test material in addition to tips and study resources.
Law School Toolbox: This site is all about law exams and law school resources, but they also cover the business side of law as well. You will find several study guides, as well as some bonus quizzes for some extra practice.
Exams and business and law testing tips
Success in business and law examinations, like success in business and law itself, is a matter of practice. For purposes of this post, we will consider little difference between a law exam and an exam in another course of business; the difference between them is matter of format only.
For any exam, the most important form of study is familiarity with the course materials. That means reading the assigned materials, attending class and court hearings and participating in discussions. Too many students skip any one of these essential activities, then try to cram the material into their heads just before an exam. This will result in no more than familiarity with the subject matters at best. Familiarity, however, will not enable you to write a twenty page answer to a three hour exam.
Instead, you need to know the subject matters. You need to know the law initially, of course, and how it has evolved. You also need to know about the philosophies behind it and its main critics, just to balance your ideologies in your arguments. If you know that much, you are well prepared to address the issues, even if you get one completely outside of your area of familiarity.
Assuming you have developed familiarity with the material, now is the time to take practice exams from whatever sources might be available. No two exams will be identical, but the general issues should remain roughly the same. Try the multiple choice questions to see how your perspectives are shaping up. Try to keep under the time limit. In a business course this is particularly important, since you will be required to analyze figures and issues on the spot, to determine what information is missing, to determine how to get answers to missing questions on the manager’s call . It is not enough to say "put out the fire – interview the customer," especially when the fire is burning the warehouse down.
If your course allows essays, practice writing essays. Writing essays in a business course is somewhat more difficult, since it is difficult, at times to get to a decision on an issue. When presenting several sides of an issue in a law course, the writer can qualify each issue separately, then, at the end of the essay, make a summary statement that discusses the issues as presented. In business, this writer can only present one side, or a portion of the issue. Integration of all sides of the issue is essential to the decision.
Practice your writing. Notice how the instructor has prepared their notes. Their notes can suggest organization for your answer outline. When writing your organization, take time to note how long the major ideas might take to present and the number of pages to produce. A set of notes, or an outline, or even a short paragraph answering each point will help you to remember specific points to discuss.
Obviously, you must also practice the timing of your exams. You can take practice exams at home, but it is better to attend a study group to discuss issues and arguments prior to the exam. If you study alone, you may forget important points or issues that should be discussed. If you study with a group, you can suggest where disagreements in thought might arise in a case, forcing yourself to consider how the question and the answer might be presented.
In the final analysis, you should study each course differently. You should also study for practical courses, such as contracts and torts, differently from standard theory courses. However, with practice, you should be able to master the variations of each course and each exam.